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Time of India
a day ago
- Business
- Time of India
Income tax slabs for ITR filing FY 2024-25 are different under new tax regime: Check details
While filing an income tax return for AY 2025-26, a taxpayer has to use the income tax slabs for the FY 2024-25. Many taxpayers are unaware of the income tax slabs that will apply to their income under the new tax regime, which is necessary to calculate their tax liability. This is because the income tax slabs for FY 2024-25 (AY 2025-26), i.e., for the previous financial year, differ from those for the current financial year 2025-26. Tired of too many ads? Remove Ads Income tax slabs in new tax regime for ITR filing FY 2024-25 (AY 2025-26) Income tax slabs in new tax regime FY 2024-25 (AY 2025-26) Income slabs (In Rs) Income Tax Rate (In %) 0-3,00,000 0 3,00,001-7,00,000 5 7,00,001-10,00,000 10 10,00,001-12,00,000 15 12,00,001-15,00,000 20 15,00,001 and above 30 Tired of too many ads? Remove Ads Income tax slabs in old tax regime for ITR filing FY 2024-25 (AY 2025-26) Income tax slabs for individuals aged below 60 years Income slabs (In Rs) Income Tax Rate (In %) 0-2,50,000 0 2,50,001-5,00,000 5 5,00,001-10,00,000 20 10,00,001 and above 30 Income tax slabs for individuals aged above 60 years below 80 years Income slabs (In Rs) Income Tax Rate (In %) 0-3,00,000 0 3,00,001-5,00,000 5 5,00,001-10,00,000 20 10,00,001 and above 30 Income tax slabs for individuals aged above 80 years Income slabs (In Rs) Income Tax Rate (In %) 0-5,00,000 0 5,00,001-10,00,000 20 10,00,001 and above 30 Things to keep in mind while filing ITR The income tax return filing for FY 2024-25 (AY 2025-26) is upon us. However, many taxpayers are unaware of the income tax slabs that will apply to their income under the new tax regime , which is necessary to calculate their tax liability. This is because the income tax slabs for FY 2024-25 (AY 2025-26), i.e., for the previous financial year, differ from those for the current financial year filing an income tax return for AY 2025-26, a taxpayer has to use the income tax slabs for the FY 2024-25. A taxpayer who files ITR now for FY 2024-25 will not be able to claim a tax rebate under section 87A on net taxable income up to Rs 12 lakh, which was announced in Budget 2025. This is because this tax rebate is applicable on incomes earned in current financial year between April 1, 2025, and March 31, 2026, i.e., for FY 2025-26. However, under the new tax regime, he can still claim a tax rebate under section 87A on net taxable income up to Rs 7 lakh while filing ITR. Similarly, the income tax slabs announced in Budget 2025 wont be applicable when you file ITR but the older Wealth Online provides you a ready reference of the income tax slabs for FY 2024-25 (AY 2025-26) under the new and old tax are the income tax slabs for FY 2024-25 (AY 2025-26) that will help you calculate your income tax liability under the new tax income tax slabs under the old tax regime depend on the taxpayer's age in FY 2024-25, i.e., between April 1, 2024, and March 31, date to file ITR extended for certain taxpayers: The Income Tax Department has extended the deadline to file ITR for FY 2024-25 (AY 2025-26) from July 31, 2025, to September 15, 2025. This ITR filing deadline extension applies to salaried employees, individuals, and other taxpayers whose accounts are not required to be tax regime option is available till this date: If you are planning to opt for the old tax regime while filing ITR for FY 2024-25 (AY 2025-26), then ensure that your income tax return is filed before the due date, i.e., on or before September 15, is because the new tax regime is the default tax regime. If the ITR is filed after the expiry of the due date, then a belated ITR can be filed under the new tax regime standard deduction, NPS employer's contribution: Under the new tax regime, a taxpayer can claim a higher standard deduction from salary income and higher deduction on employer's NPS 2024 hiked the standard deduction from salary income to Rs 75,000 under the new tax regime. Similarly, salaried employees can claim a deduction of up to 14% of their basic salary under Section 80CCD (2) if new tax regime is opted while filing
Time of India
28-04-2025
- Business
- Time of India
Akshaya Tritiya is here but gold prices near Rs 1 lakh: Should you invest in gold this year or look at silver as an alternative?
Tired of too many ads? Remove Ads Reasons why gold prices are rising Tired of too many ads? Remove Ads Is it the right time to buy gold on Akshay Tritiya? Tired of too many ads? Remove Ads How can investors earn better returns from gold this Akshay Tritiya? Is buying silver a better option than gold this Akshay Tritiya? On April 22, 2025, gold briefly surpassed the Rs 1 lakh mark for the first time in India and is currently hovering around this milestone. As Akshaya Tritiya approaches in the next two days, which is considered an auspicious occasion to buy gold in India, the prices of the yellow metal might hit new highs. However, given the high prices, many are wondering if it is worth buying gold this year as Wealth Online explains why gold prices are rising, whether buying gold this Akshay Tritiya is a good idea, and what you can do for better to experts, gold prices are rising due to geopolitical reasons and US President Donald Trump 's unpredictable actions of imposing reciprocal tariffs on Shah, MD, Kama Jewellery, says, "The rise in gold prices is primarily influenced by the global economic uncertainties triggered by multiple events. The most important factor is Trump's tariffs and the US-China trade war. This, along with the turbulence from geopolitical tensions in the Middle East and Eastern Europe, has been the key concern, leading to a rise in gold as a safe investment haven across the globe, thus pushing up the gold price."Also Read: Can you sell old, un-hallmarked gold to buy new gold this Akshaya Tritiya? Concurring with Shah's view, Aksha Kamboj, VP, India Bullion & Jewellers Association (IBJA) and Executive Chairperson, Aspect Global Ventures, says, "The recent surge in gold prices can be attributed to a combination of global economic uncertainty, rising geopolitical tensions, and a weakening rupee. In times of instability, investors naturally turn to gold as a safe-haven asset. Additionally, central banks worldwide, including in emerging economies, have been steadily increasing their gold reserves to hedge against inflation and currency fluctuations. These factors together have created sustained demand and upward pressure on prices."According to a report in The Economic Times, the Reserve Bank of India (RBI) bought 57.5 tonnes of gold in FY 2024-25. This was the second-highest level of gold purchase in any financial year by the central bank after it started accumulating in December 2017. As on March 31, 2025, the RBI's total gold stock was 879.6 Mathur, Director-Commodities undefined a weaker dollar seen below 100 in the last few sessions has added to the momentum. Fundamentally, markets are pricing in increased geopolitical risks, fuelled by US trade tensions and stagflation concerns, which still have the potential to drive further gains for the yellow metal."The current environment suggests that trade-tariff wars and geopolitical concerns can further drive gold prices higher, unless there is a change in the situation, say experts. Hence, the question arises: should you invest in gold this year on Akshay Tritiya, like previous years?Deveya Gaglani, Senior Research Analyst-Commodities, Axis Securities, says, "For short-term investors, entering gold at current levels carries an elevated risk, given the nearly 30% rally year-to-date. However, we recommend a staggered buying approach for long-term investors, accumulating gold on dips - ideally in phases of 5-10% corrections."For many people, gold holds sentimental value. Shah says, "While the price is not much of a deterrent amid the gold-buying spree, the investment ticket size will probably shrink, given the landmark price rise of the yellow metal. However, gold still remains a lucrative asset class from the return on investment point of view, and people will look forward to this as a hedge against inflation."However, Mathur from Anand Rathi has a different view. "We still believe gold has room to rise further, up to 10-15% from the current levels of $3,800-3,850 per ounce in spot, translating to levels of Rs 1,05,000-1,08,000 per 10 gram in domestic futures markets in a time span of 3-6 months. Meanwhile, the current rally seems too fast, as the rise from Rs 90,000 to almost Rs 1 lakh took just 12 days, while the run from Rs 80,000 to Rs 90,000 took about 77 days, which indicates price corrections of up to 5-10 % are still possible in the near term, leading to volatility in prices," he from IBJA says, "Akshaya Tritiya is a time for auspicious beginnings, and buying gold on this day is a tradition believed to bring prosperity. While prices are high, gold has always been considered a timeless asset in Indian households. Even small, symbolic purchases, whether in physical or digital form or gold ETFs, hold long-term value and cultural significance. In that spirit, buying gold today is as much about faith as it is about financial planning."Gold prices are at a record high. What can investors do now to get better returns from gold this Akshay Tritiya?Gaglani from Axis Securities says, "A parabolic move in gold prices happens once in a few years. Gold has always proved its mettle as the most secure asset when it comes to economic uncertainty, war, crisis, etc. It is an excellent tool for portfolio diversification, protecting investments against volatile market fluctuations. Therefore, we recommend buying gold ETFs to diversify your portfolio, as they are highly liquid, efficient, secure, and cost-effective."Kamboj says, "For better returns, investors should focus on a diversified approach to gold. Along with traditional physical gold, options like digital gold offer added benefits, such as interest income and ease of storage. Timing the market is always tricky, but consistently allocating a portion of one's portfolio to gold, especially during uncertain times, has proven to be a smart long-term strategy.""For people looking at long-term investment, gold can serve as an ideal asset class," says Shah. "Investors must bank on the opportunity to invest in gold wherever the price witnesses a dip. For short-term investments, people can also consider gold ETFs and gold mutual funds, as they also bring multiple benefits," he who cannot buy gold due to high prices often buy other metals such as silver, copper, etc. Many prefer to buy silver coins or ornaments on Akshaya buying silver on this Akshaya Tritiya be a better option?Mathur from Anand Rathi says, "Akshaya Tritiya is always considered auspicious in India when buying gold or silver. However, gold has risen almost 21%, while silver returns are around 11-12 % year to date. Investing in silver with a long-term perspective of 1 year is likely a better option at current levels as compared to gold."Concurring with the view, Gaglani from Axis Securities says, "Gold has achieved an impressive return of over 25% this year, having seen significant gains. In contrast, silver is relatively more affordable now, as the gold/silver ratio is trading close to a multi-year high of 101. This suggests that gold may be approaching the overbought territory. Looking ahead, physical demand for silver is expected to rise in 2025 due to its essential role in solar panels, electric vehicles, 5G infrastructure, and semiconductor manufacturing. Furthermore, the global push for renewable energy is likely to increase demand, particularly from China and the US. Consequently, we anticipate that silver prices could deliver returns of more than 20-30% by the end of this year."
